Yesterday was another roller-coaster ride but today is the 4th of July and usually the FTSE is fairly quiet. The last couple of years have seen a small 40-50 pt range. But today is also a Friday, so I think will give a chance for the UK and Europe to think about their own economies. The paroxysms of the last few days are signs that this market will move sharply again - in which direction is a matter of speculation. The FTSE has fallen over 1000 points in six weeks - well oversold. The daily FTSE SAR is down to 5598 so within touching distance. Ironically, we may need to wait for the oversold warning light to switch off before a further leg down - this just requires a bit of sideways movement for a week.
4 Jul 2008
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TRADE
ReplyDeleteFTSE Daily
5500 call @ 10.9
I know, is pre-market but usually the 15-min chart calls the opening swing correctly. The SAR is pretty tight so reverse position if drops. The other charts - the 30-min and 1-hour ones - need to settle down as those 100 point swings yesterday have rendered them unreliable for now.
Was dead wrong! But took a trade as FTSE went down through 5470.
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FTSE Daily
BUY 5440 put @ 8.7
Got rid of it at 3-min signal
SELL @ 24.0
Profit = +15.3 pts
Feels like a low volume day, which is not surprising, but also there is less noise so that movements are rapid followed by long pauses. This makes it tricky for indicators to respond, so will see if there is much else to do today. There also won't be this late morning doze we often get... although it may last all day long!
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